A remarkable culture amongst investors and analysts is the consistency in price prediction, most of which is subjective to the trader’s trust in a particular token. Speculations on the price increase, price pump or a distinctive closing price for 2018 will not cease to surface anytime soon as most Bitcoiners are highly convinced that the bull will not trade any lesser than it’s closing price of 2017, which leveled at $4,000.
Since November, Bitcoin had been fluctuating between a trading price of $6,300 and $6,400, this has left traders in confusion as they struggle to decide on whether or not the price has peaked for 2018. Bitcoin’s all-time high for this month began and ended on November 8th when the token broke the resistance to settle at $6536.92 but later fell back to $6438.52 on the same day.
Traders had initially expected a bullish outburst due to the rise of trading volume from South Korean traders when the price pumped up from $4.7 billion to $4.9 billion in a span of 24hrs.
Bitcoin has been trading at a $6,300 mark in 6 out of the 11 days throughout November, the latest of which was Nov 10th when the token opened at $6,386 and hit its daily high of $6,4378, unable to sustain stability, it rounded up at $6,409 and fell even further to $6,401 as of this writing.
Research from this year has revealed that a handful of Bitcoiners cashed out their profits while others sustained massive losses. A college investor recently cried out after losing $775,000 in Bitcoin to the bearish market in 2018.
One cannot be certain of a spike in Bitcoin’s price, however, the rise of institutional investors alongside a widespread adaptation is sure to introduce a higher trading price from the beginning of 2019.